Discrete models for production planning under environmental constraints
ICCOMP'08 Proceedings of the 12th WSEAS international conference on Computers
Inventory management with log-normal demand per unit time
Computers and Operations Research
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Many studies about the production management systems have dealt with demand under uncertainty, which is regarded as a time-independent random variable. In this paper, we discuss the production management systems when demand follows Markov diffusion process. The stochastic control method is applied to the analytical derivation of the optimal production policies. The main purpose of this paper is to extend a deterministic model in the earlier contributions to the stochastic one and further to clear the properties of optimal control in the production management systems, considering the differences of the shapes between two kinds of demand distributions.